Cosumar saw its revenue fall in the first three months of 2026 after bad weather disrupted operations and global sugar prices dropped.
The company reported revenue of 2.2 billion dirhams ($240m) by the end of March, down 17.3% from the same period last year.
Sales volumes also fell, with Cosumar selling 461,000 tonnes of sugar, around 53,000 tonnes less than a year earlier.
The company said unusually severe weather affected port activity and delayed some distribution operations during the quarter. At the same time, lower international sugar prices put pressure on revenue.
Despite the slowdown, Cosumar said it expects to recover the delayed volumes in the coming months. Its refineries can process more than 7,000 tonnes of sugar a day, helping the group catch up once supply chains return to normal.
Net debt rose to 986 million dirhams at the end of March from 206 million dirhams three months earlier. The company said the increase was mainly due to a larger agricultural season, which required higher spending to support farmers and production.
Cosumar invested 25 million dirhams during the quarter, mostly on maintenance work and upgrades to its industrial facilities.
The company struck a more optimistic tone about the months ahead. Heavy rainfall across Morocco has improved conditions for the 2026 harvest, particularly in the country’s main sugar-growing areas.
Dam levels have reached their highest point in a decade, giving farmers better access to irrigation water and raising hopes for stronger domestic sugar production this year.
Flooding in parts of the Gharb and Loukkos regions damaged some crops, but the company said it still expects production in those areas to grow. It added that its teams are continuing to work with farmers to improve yields.
Sugar supplies to the Moroccan market remained stable throughout the quarter thanks to its storage capacity, refining operations and supply chain network.
Globally, sugar prices continued to decline at the start of 2026 because of excess supply on the market. Prices later recovered by around 10% to 15% in March, helped by geopolitical developments and concerns that India could export less sugar than previously expected.
Cosumar remains confident about its outlook for 2026 and expects both sales volumes and revenue to grow over the year.
The company is also continuing work on a new liquid carbon dioxide production plant, which is due to start operating in early 2027. The project is expected to supply industries such as soft drinks, food preservation and cold storage, reducing Morocco’s reliance on imports.
